Analyst Conference Summary

biotechnology

conference date: OOPS! The Q4 2023 notes were overwritten, with no copy.

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $11.48 billion and up % from $ billion year-earlier.

Net income was $ billion, down % sequentially from $1.8 billion and down % from $ billion year-earlier.

EPS (earnings per share), diluted were $, down % sequentially from $0.87, and down % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

In October 2023 agreed to acquire Mirati Therapeutics for $4.8 billion. This closed on January 23, 2024.

In March, 2024 Bristol announced the dividend would be $0.60 per share, payable May 1, 2024 to shareholders or record on April 5, 2024.

With 2seventy bio, FDA PDUFA date for Abecma for r/r multiple meloma fourth line was December 16, 2023, but was delayed to have an Advisory Committee meeting. In Q4 2023 Phase 3 results showed a significant improvement in PFS.

In Q4 2023 Bristol agreed to acquire Karuna Therapeutics, expected close in 1H 2024.

In Q4 2023 Bristol agreed to acquire RayzeBio, expected close in 1H 2024.

Non-GAAP numbers: diluted EPS $, down % sequentially from $1.70 and down % from $ year-earlier. Net income $ billion, down % sequentially from $3.5 billion, and down % from $ billion year-earlier.

Cash and equivalents ended at $ billion up sequentially from $12.64 billion. Cash flow from operations $ billion. Long-term debt was $ billion. $na billion used for stock repurchases, and $ billion remains authorized.

The mid to late stage pipeline includes repotrectinib, farletuzumab exteribulin, AR-LDD, iberomide, mezigdomide, alnuctamab BCMA TCE, CC-99282, cendakimab, LPA1, and milvexian.

Cost of products sold was $ billion. SG&A $ billion. R&D $ billion. Amortization $ billion. Acquired IPRD $ million. Other income $ million. Total expenses $ billion. Operating profit $ billion. Tax benefit $ million.

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